Minnesota Life Insurance Company Review

If you are looking for some information about Minnesota Life Insurance Company, then you have come to the best place! We provide the most honest, unbiased, and informative reviews in order for our clients to come up with their own opinions. I mean we can do what other blogs do and shove opinions down your throat, but that’s just not what we are here for. As an independent life insurance brokerage we only work with “A” rated companies and are not loyal to any ONE of those companies, our loyalty is to our clients and our clients only. Minnesota Life has been around for 0ver 130 years and has high ratings, but they are one of many high rated companies. The following are some key points from the article;

Bankers Association of Minnesota was founded by Russell Dorr on August 6, 1880 and happened to also be the first life insurance company in Minnesota.
By 2014 the company had $1 trillion in force life insurance, and in the same year, Securian acquired a majority stake in Asset Allocation & Management Company which tripled their assets.
A.M Best rates Minnesota Life an ‘A+’ also known as superior and happens to be the 2nd highest of 16 ratings. Standard & Poor’s also rates Minnesota Life an ‘A+’ rating which also means strong and is the 5th highest of 23 ratings. Fitch ratings rated Minnesota Life an ‘AA’ also known as very strong and is the 3rd highest of 19 ratings. Lastly, Moody’s Investors Service rated Minnesota an ‘Aa3’ also known as excellent and is the 4th highest of 21 ratings.
Minnesota Life offers two main types of life insurance policies, Term life, and Permanent life.
They offer competitive rates when dealing with tobacco, asthma anxiety and depression.

Company History

Bankers Association of Minnesota was founded by Russell Dorr on August 6, 1880 and happened to also be the first life insurance company in Minnesota. It wasn’t until 1901 when the company continued their growth to keep up with the times and changed their name to Minnesota Mutual Life Insurance Company. In 1917 the company issued their first group life insurance policy and in 1930 they developed their first pension plan, the same one that services their clients today. In 1959 the company began to offer low-cost loan protection through savings and loan associations and in 1971 they introduced their first flexible life insurance policy, Adjustable Life. Variable life and annuity product launched in 1988 and in 1994 they developed their Variable Group Universal Life product. In 2004, Securian acquired Allied Solutions, and in 2005 Minnesota Life adopted Securian as their enterprise brand. By 2014 the company had $1 trillion in force life insurance, and in the same year, Securian acquired a majority stake in Asset Allocation & Management Company which tripled their assets. This past year Minnesota Life Insurance Company have served nearly 16 million customers with assets more than $65 billion and more than $1.15 trillion of insurance in force.

Minnesota Life Review and Rating 2017

Minnesota Life Insurance Company has been around for over 135 years and has more than $1 trillion in life insurance policies in force. Minnesota Life is a top ‘A’ rated company with high ratings from all rating agencies which says a lot because it shows their financial stability. A.M Best rates Minnesota Life an ‘A+’ also known as superior and happens to be the 2nd highest of 16 ratings. Standard & Poor’s also rates Minnesota Life an ‘A+’ rating which also means strong and is the 5th highest of 23 ratings. Fitch ratings rated Minnesota Life an ‘AA’ also known as very strong and is the 3rd highest of 19 ratings. Lastly, Moody’s Investors Service rated Minnesota an ‘Aa3’ also known as excellent and is the 4th highest of 21 ratings. Aside from their amazing ratings, Minnesota Life just like many other life insurance companies, have very niche underwriting. They also offer a good variety of products for their clients who are 55 and older. However what is a good company for one may not be a good company for all, so don’t worry because there are many other companies out there!

Giving Back

Minnesota Life is a very reputable company with their high ratings, and their wide product line but they are also pretty known for their community commitments. In the past 10 years, the company has given more than $35 million in cash gifts to their community. Since 2007 with in-kind gifts and cash gifts their giving totals nearly $37 million. In 2016 alone, they have contributed $3.4 million in cash gifts and more than $1.8 million in in-kind gifts and volunteer services. 90% of their associates participate in their annual Greater Twin Cities United Way campaign and in 2016 they raised $1 million and $691,000 of which came from associated. The company also have been mentoring young people in the community to flourish personally, academically and socially for more than 30 years.

Products

Minnesota Life offers two main types of life insurance policies, Term life, and Permanent life. Before we list the products we want to go over what these terms mean because not everyone is a life insurance agent so we understand your frustration.

Term Life Insurance is a type of policy that will pay a benefit in the event of the death of the insured during a specified term. This policy doesn’t allow you to build up any cash value or investment. This policy is the most affordable since you can’t make money off this kind of life insurance.
Universal Life allows you to earn some credit as long as your premiums are being paid. Every month, various deductions, such as a charge for insurance protection, are then made from the account value. You can also take loans or make withdrawals from the account value for anything you may need it for.
This policy is a type of permanent life insurance, a variable universal life provides coverage for your entire life. Just like universal life this insurance policy also offers a death benefit which your beneficiaries will receive. This type of insurance also builds cash value.
An Indexed Universal Life Insurance policy offers cash value accumulation but it’s based on positive changes in the performance of one or more stock market indices. This type of insurance protects your earnings from downside risk, unlike a variable universal life policy.

Advantage Elite Select Term Life

Short term coverage 5, 10, 15, 20, or 30 years.
Simple and straightforward protection for your loved ones.
This product is less expensive than permanent products.
When your term ends so does your coverage.
You have the ability to convert your policy into a permanent protection policy.
Limited coverage period.
Level premiums which means your premiums will neither increase or decrease.
At the end of your term you can renew your coverage on an annual basis.
No cash value build up.
Agreements allow policy customization.
Guaranteed death benefit.
Policy riders available: Accelerated Benefit Agreement, Children’s Term Agreement, Extended Conversion Agreement, and Waiver of Premium Agreement.
No Exam option available for qualified clients

Secure Whole Life

This product is for a lifetime of protection for your loved ones.
There is a fixed interest rate.
Cash value can build and accumulate. Also is tax-deferred.
Fixed premiums, which means your premiums will neither be raised or lowered.
Flexible premiums, meaning you can choose what length of time you would like to pay your premiums.
Available for ages 0-90.
Minimum face amount $10,000.
Loan interest charge is 5%.

Secure Protector Whole Life

This policy allows you to customize your life insurance protection with numerous agreements.
There is debt security and lifestyle preservation which helps your family members maintain their way of life and pay off the mortgage or other debt when you pass away.
Estate planning is available with this product.
Tax advantages is another plus on this product, pay no income taxes on your cash value growth while your policy remains in force.
Guaranteed death benefit.
Financial flexibility which means you are allowed access to cash value for college tuition or down payment on a home.
Cost savings for those low premiums.

Secure Accumulator Whole Life

With this policy you can leave a gift for your favorite charity.
This policy also allows retirement funding which can come from the use of loans and surrenders of paid up additional insurance.
This product also has a guaranteed death benefit.
Estate planning is available.
Debt security and lifestyle preservation is available.
Customizable life insurance protection that’s right for you with numerous agreements.
Flexibility when it comes to when you want to pay your premiums.

Fixed Universal Life

Lifetime protection for your loved ones.
This policy offers flexible premiums which allow you to adjust your payments.
Adjustable benefit amount to align with your changing life. In case you want more coverage as your family grows.
Cash value opportunity that is also tax-deferred.
Protection from market fluctuation.
Loans and withdrawals will impact both the death benefit and policy surrender value. Meaning, less money paid out until debt is paid off.
Policy may lapse if you do not pay enough premium.
Fixed interest rate at 2%.

Eclipse Fixed Universal Life

Customizable life insurance protection with numerous agreements.
This product allows for debt security and lifestyle preservation, so in other words if you have debt this policy will not let that debt affect your family members or your pay out.
Estate planning is available.
Pay no income taxes on your cash value growth.
You can use this policy to leave a gift for your favorite charity.
You can create a buy-sell agreement to give a business both short term continuity and the resources to continue thriving over the long term.
Accessible cash value at any time for life events.
Retirement funding is available with loans and withdrawals.

Eclipse Protector

Customizable life insurance protection with numerous agreements.
Debt security and lifestyle preservation is in place.
Estate planning is allowed with this product.
Tax advantages on your cash value growth.
You can use this policy to leave a gift for your favorite charity.
This product is the most affordable permanent protection.
This policy has a guaranteed death benefit.

Omega Builder Indexed Universal Life

Flexible premiums allowing you to pay more or less to accommodate budget variations.
You can change your death benefit to align with your changing life.
Fixed interest rate of 2%
Builds and accumulates cash value.
Accessible cash value at any time for emergencies.
Retirement funding is available through loans and withdrawals with this product.
Pay no income taxes on your cash value.
Omega Builder allows you to leave a gift for your favorite charity.
Business continuation is available with this policy with allows you to create a buy-sell arrangement to give a business away and keep it thriving over the long term.

Variable Universal Life

This policy provides a lifetime of protection for your loves ones.
This product offers flexible premiums which can allow you to adjust your premiums or you can choose to have it fixed.
Adjustable death benefit amount to align with your changing life.
Cash value accumulation opportunity.
Tax deferred cash value growth.
Investment options are available with this product.
Policy may lapse if you do not pay enough premium.
This product involves the market risk and includes loss of principal.
Loans and withdrawals will impact how much your beneficiaries will receive in terms of death benefit and policy surrender value.
If you choose to adjust benefit amounts it may require new underwriting.

Underwriting

Minnesota Life, like many other life insurance companies, have niche underwriting. They offer competitive rates when dealing with tobacco, asthma anxiety and depression. If you have a blood pressure of 135/85 or better you can still qualify for Non-Tobacco Plus rates. Even if you have been convicted of a DUI you can still qualify for Non-Tobacco Plus rate as long as you haven’t been convicted in the past ten years. For the best nonsmoking rates you cannot have used nicotine for the past three years and have a urine test negative for nicotine.

Final Thoughts

In conclusion, Minnesota Life is one of the many top ‘A’ rated companies and have been around for 137 years! There is no doubt that they are financially stable, but what fits for one does not fit for all. Here at InsureChance, we are an independent life insurance company that works with 60 other top ‘A’ rated companies to provide the most options in order to fit the needs and lifestyles of our clients. Give us a call today 888-492-1967.